Egypt stock market welcomes Islamic month rising one per cent: Market Report
Egypt's stocks closed up at end of the week, pillared by active shares in Orascom Telecom, Media and Technology (OTMT) which rocketed 7.5 per cent, recording the highest daily turnover (LE64.4 million).
The main EGX30 index rose one per cent reaching 4.867.75 points Thursday, just one day before the beginning of the Islamic month of Ramadan.
The Egyptian Stock Exchange will reduce its daily trading hours by an hour during the month of Ramadan. Regular trading sessions will be 10:30am to 1:30pm, Sunday to Thursday, during the Islamic holy month that starts 20 July.
The broader EGX70 index also saw gains, up by 1.2 per cent.
Mostafa Badra, a market expert, explained that today's rise does not reflect forward steps in Egypt's recovery as foreign investors remained net-sellers at LE14.2 million while Egyptians were net-buyers at LE27.1 million.
On the political scene, uncertainty deepened after Egypt's Administrative Court referred to the High Constitutional Court (HCC) Thursday lawsuits against the presidential decree ordering that the People's Assembly (the lower house of parliament) be restored after a HCC ruling found unconstitutional the election of a third of its seats, leading to its dissolution.
The Administrative Court said it was not competent enough to look into the 39 appeals calling for President Mohamed Morsi's decision to reinstate the lower chamber to be overturned.
Overall, the majority of listed shares coloured green, led by high-cap Orascom Construction Industries and Commercial International Bank which rose by 0.3 and one per cent respectively.
Property shares in Talaat Mostafa Group (TMG) and Palm Hills rose by 1.7 and two per cent respectively. On Tuesday, TMG said it is ready to negotiate with the Egyptian government to correct procedural defects in its Madinaty project contract if a court ruling voids it, but also added that it stands on firm legal ground.
EFG-Hermes and Orascom Telecom rose by 1.3 and 1.5 per cent respectively.
Of 167 shares traded Thursday, 137 gained and 17 fell in a session that saw a total turnover of LE301 million.
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